CoreLogic Inc.borrowed an additional $525.0 million on its term loan facility under itsexisting credit agreement.
About $411.0 million of the new borrowing's proceeds wasused to finance its conditional optional redemption of all its outstanding 7.25% senior notes due2021, and related fees and expenses. Of the proceeds' remainder, CoreLogicretained about $4.0 million as cash on hand and used about $110.0 million topay a portion of the company's outstanding debt under its revolving creditfacility.
The new borrowing bears interest at the same rates as loansunder the existing credit agreement.
As a result of the new borrowing, the existing creditagreement consists of about $1.33 billion of outstanding term loan and a $550.0million revolving credit facility. The total amount outstanding under therevolving credit facility was $280.0 million, as of July 18.
CoreLogic has the option to request its existing or newlenders under its term loan facility to increase the aggregate amount ofcommitments by an additional $225.0 million. However, its existing or newlenders are not obligated to do so. The term loan matures, and the revolvingcredit facility expires, April 21, 2020.
The credit agreement provides the outstanding term loan mustbe repaid in equal quarterly installments, starting Sept. 30 and continuing oneach three-month anniversary thereafter in an amount of about $17.2 million forthe first four quarterly payments, in an amount of about $34.4 million for thenext four quarterly payments and in an amount of about $51.6 million for eachquarterly payment thereafter.
The credit agreement includes CoreLogic Australia Pty Ltd.,certain lenders and other parties, and Bank of America NA, as administrativeagent.